Saturday, November 5, 2011

My house is listed with a Realtor for sale can I terminate contract and Rent it?

I have my house listed with a Realty Firm for sale. I have it listed for about 80 days and so far no buyers. The economy is tough and we have actually decided that we will rent it to a couple that we know for the next couple of years and hopefully, ride out the storm a bit. I have rented our other house before and I am well aware of the Risks ociated with renting, so don't waste my time. I need to know the following, can we terminate our contract with the real estate firm and rent it out, without paying any kind of penalty? I think that our contract expires in about 1 month so we might even wait until it expires and see if we get a buyer befrore that. Is there normally a time period that you have to wait until after the expiration of the contact that applies if you decide to rent it instead of sell it? Our realtor did have an open house and also advertising costs and I would rather not have to reimburse them. I don't have to pay a fee to the realtor for the rental do i? I kow that certain exclusions apply with having to pay the realtor commission even if we sell the house to someone without the aide of the realtor and I think that it applies for a certain period after expiration of the contract but is there any provisions when you rent it out? If anyone has definite information regarding any of my questions then let me know otherwise, don'[t guess and leave a answer of "yes". If there is a broker out there then they should have this information based on the norm. I know that the Realtor contacts vary but just reply based on the normal or average Realty Contract. I really don't think that I have to pay a fee if I find a renter but i am not sure. I think that I might have to pay for the fees ociated with advertising the house for sale during the term of the contact if I terminate it prior to the end date but do I have to pay a fee for renting it out?

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